Custodial Accounts

Deposit accounts, Savings accounts, and Debit Cards are great products to offer to users who are seeking access to a full feature financial product. Along those lines, we are also adding Custodial Accounts a part of our deposit product offering.

Here are some of the ways developers can use custodial accounts:

Closed-Loop Payment Apps: Custodial accounts are a good choice for anyone wishing to move money from a bank account (via ACH or Cards) to another bank account. Its better than a deposit account because of the lightweight KYC requirement and better than a clearing account because the funds are FDIC insured.

Escrow Products: If you need to pull off an escrow product that requires a Trust custodian, this is the product for you.

Crowdfunding: Lightweight KYC and fund custody makes it a good fit for crowdfunding apps.

It’s fair to say, if you need ledger funds at the user level, or you do not want to be in the flow of funds for a transaction, this is a great product for that purpose. This also gives us the right architecture to pull off any kind of escrow transactions where a third party trustee is needed.

‍

---

‍

At the API level, this acts like all other deposit products, so very easy to set up: